证券代码：600371 证券简称：万向德农 公告编号：2026-003 万向德农股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司控股股东万向三农集团有限公司（以下简称"万向三农"）计划 自 2025 年 5 月 14 日起 12 个月内增持公司股份，增持总金额不低于人民币 2500 万元，不超过人民币 5000 万元，且首次增持与后续增持比例合计不超过公司总 股本的 2%。本次增持股份计划不设定价格区间，具体内容详见公司在《中国证 券报》、《证券日报》及上海证券交易所网站（www.sse.com.cn）披露的《万向 德农股份有限公司关于控股股东以专项贷款和自有资金增持公司股份计划的公 告》（公告编号 2025-014）。 | 增持主体名称 | 万向三农集团有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 增持计划首次披露日 | 2025 5 日 | 年 | 月 | ...

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

Group 1: Agricultural Industry - DaFa V is expected to release a significant document related to hybrid corn seed production, highlighting the leading companies in the sector such as YinHai Seed Industry, ZhongShui HaiYe, WanXiang DeNong, and DunHuang Seed Industry [2] - Agricultural Development Group, a key player in seed production, has a comprehensive strength ranking among domestic seed producers, focusing on corn, wheat, and rice seeds, with extensive land holdings [2] - The company has seen a rapid stock price increase, with a notable performance of 3 trading days with 2 price limits [2] Group 2: Robotics and AI - Beijing Humanoid Robot Innovation Center has launched a pilot verification platform, indicating advancements in humanoid robotics [3] - Tianqi Co. has partnered with various companies to provide diverse robotic products and solutions, with a notable collaboration for the 2026 Spring Festival [3] - The company has seen significant stock performance, with 5 trading days and 3 price limits [3] Group 3: Semiconductor and Electronics - Companies like TaiJi Industrial and ShiYiDa are leading in DRAM packaging and semiconductor testing equipment, with significant revenue growth expected [3][4] - The semiconductor industry is experiencing a surge in demand, with companies like JingPuTe and BaiYun Electric focusing on innovative solutions for data centers and electric drive systems [4] - Google Cloud has announced price increases, reflecting the growing demand for cloud services [4] Group 4: Space and Satellite Communication - LongJiang Communication is focusing on low-orbit satellite communication, contributing to the establishment of standards in the industry [5] - TianTong Co. is showcasing its capabilities in commercial satellite technology and electronic manufacturing services, enhancing the supply chain for the aerospace industry [5] Group 5: Chemical and Material Industry - BaiChuan Co. is actively involved in the production of chemical products and is expanding into the lithium battery materials sector [5] - The company is also experiencing stock performance with 3 trading days and 3 price limits [5] - The PCB materials market is seeing price increases, with Japanese manufacturers raising prices by over 30% [5] Group 6: Consumer Goods and Retail - The State Council has issued a plan to accelerate the growth of service consumption, impacting companies in the retail and entertainment sectors [3] - Companies like HengDian Film and HuangTai Liquor are experiencing stock price increases, indicating positive market sentiment [3]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the strengthening of pork prices as the breeding stock decreases to 35.61 million heads by the end of December, indicating a bullish trend in the market [1][2] - The report emphasizes the importance of the seed industry revitalization action, which has made significant progress in enhancing seed security and promoting domestic seed usage [1][12] - The commercialization of genetically modified crops is expected to accelerate, contributing to higher self-sufficiency rates in key varieties [1][12] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs has reported progress in the seed industry revitalization action, with a focus on policy support, funding, and institutional guarantees [1][12] - Key companies recommended for investment include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of live pigs is reported at 12.99 CNY/kg, with a week-on-week increase of 2.27% [2][13] - The breeding stock of sows is at 39.61 million heads, showing a year-on-year decrease of 2.9% [2][13] - Recommended companies in the pig farming sector include Lihua Co., Muyuan Foods, and Shuanghui Development [5][13] Feed and Veterinary - The average price of pig feed is 2.65 CNY/kg, reflecting a week-on-week increase of 0.38% [52] - Companies in the feed sector such as Haida Group and veterinary companies like Jinhai Biological and Zhongmu Co. are expected to benefit [5][13]

Core Viewpoint - The planting industry sector experienced a decline of 0.83% on January 20, with Shennong Seed Industry leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - The planting industry sector saw a net outflow of 346 million yuan from main funds, while retail investors contributed a net inflow of 287 million yuan [2] Group 2: Individual Stock Performance - Shennong Seed Industry (300189) closed at 6.72, down 7.82%, with a trading volume of 1.8634 million shares and a transaction value of 126.7 million yuan [2] - Qiu Le Seed Industry (920087) closed at 17.19, up 1.66%, with a trading volume of 64,300 shares and a transaction value of 110 million yuan [1] - Zhongxing Fungi Industry (002772) closed at 15.44, up 1.58%, with a trading volume of 99,400 shares and a transaction value of 151 million yuan [1] Group 3: Fund Flow Analysis - Major funds saw a net inflow in Qiu Le Seed Industry of 8.296 million yuan, while retail investors had a net inflow of 264,100 yuan [3] - North China Agricultural University (600598) had a net outflow of 11.4282 million yuan from major funds, but a net inflow of 8.2526 million yuan from retail investors [3] - The overall fund flow indicates a mixed sentiment, with retail investors showing interest despite the overall sector decline [2][3]

Core Viewpoint - Wanxiang Denong announced an expected significant decline in net profit for the year 2025, projecting a decrease of 87.46% to 89.55% compared to the previous year [2] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company ranging from 5.5 million to 6.6 million yuan for 2025 [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 3.18 million and 4.28 million yuan, reflecting a decrease of 91.45% to 93.65% year-on-year [2]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between 5.5 million and 6.6 million yuan, representing a decrease of 87.46% to 89.55% compared to the same period last year[2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 3.18 million and 4.28 million yuan, reflecting a decline of 91.45% to 93.65% year-on-year[3]. - The total profit for the previous year was 58.24 million yuan, with a net profit attributable to shareholders of 52.63 million yuan[5]. - The earnings per share for the previous year was 0.18 yuan[6]. - The performance forecast period is from January 1, 2025, to December 31, 2025[3]. Factors Affecting Performance - The decline in performance is primarily due to high homogeneity in corn seed market varieties, severe supply-demand conflicts, and intensified competition, leading to decreased sales volume and prices[8]. Earnings Forecast Validity - The earnings forecast is based on preliminary calculations by the company's finance department and has not been audited by certified public accountants[4]. - The company has not identified any significant uncertainties affecting this earnings forecast[9]. - The data provided is preliminary and the final audited financial data will be disclosed in the official 2025 annual report[10]. - The company emphasizes the importance of investors being aware of investment risks related to the preliminary earnings forecast[10].

Market Overview - The planting industry sector declined by 0.42% on January 14, with Shennong Agricultural leading the decline [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Hualu Biological (300970) saw a price increase of 4.06%, closing at 22.53 with a trading volume of 108,000 shares and a transaction value of 236 million yuan [1] - Hainan Rubber (601118) increased by 1.18%, closing at 5.98 with a trading volume of 1,009,400 shares and a transaction value of 609 million yuan [1] - Shennong Agricultural (300189) experienced a significant decline of 3.77%, closing at 6.89 with a trading volume of 2,088,600 shares and a transaction value of 1.454 billion yuan [2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 243 million yuan from main funds, while retail investors saw a net inflow of 240 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Hualu Biological and Hainan Rubber, while Shennong Agricultural faced significant outflows [3]

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司控股股东万向三农集团有限公司（以下简称"万向三农"）计划 自 2025 年 5 月 14 日起 12 个月内增持公司股份，增持总金额不低于人民币 2500 万元，不超过人民币 5000 万元，且首次增持与后续增持比例合计不超过公司总 股本的 2%。本次增持股份计划不设定价格区间，具体内容详见公司在《中国证 券报》、《证券日报》及上海证券交易所网站（www.sse.com.cn）披露的《万向 德农股份有限公司关于控股股东以专项贷款和自有资金增持公司股份计划的公 告》（公告编号 2025-014）。 截至本公告披露日，增持计划实施期限已过半，万向三农尚未增持公 司股份，主要系根据统筹安排逐步实施增持计划。 后续万向三农将根据本次增持计划择机增持公司股份。本次增持计划 可能存在因资本市场情况发生变化或目前尚无法预判的其他风险因素导致增持 计划的实施无法达到预期的风险，敬请广大投资者注意投资风险。 证券代码：600371 证券简称：万向德农 公告编号：202 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The sentiment in the pork market has significantly improved, with a notable reduction in losses for pig farming. The average price of live pigs is currently 12.55 CNY/kg, remaining stable week-on-week. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in pig production capacity [2][12] - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of winter crop seeds to ensure safety for the upcoming spring and summer planting seasons. This includes a focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified seeds is expected to accelerate, enhancing self-sufficiency rates for critical varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture is conducting inspections to ensure seed quality and compliance, which is crucial for agricultural production safety. The emphasis on genetically modified technology is expected to revolutionize yield improvements, with companies like Beidahuang and Suqian Agricultural Development likely to benefit [1][11] Pig Farming - The average price of live pigs is 12.55 CNY/kg, with a slight increase in slaughter volume by 17.4% year-on-year. The market sentiment has improved significantly, with a reduction in losses for self-bred and purchased pig farming, indicating a potential for recovery in the sector. Recommended stocks include companies like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2353.51 CNY/ton, with a slight increase of 0.09% week-on-week. The international price is 5.21 USD/bushel, up 2.11% [26][27] - Wheat: The domestic average price is 2513.62 CNY/ton, down 0.09% week-on-week. The international price is 5.82 USD/bushel, down 0.13% [29][31] - Soybeans: The domestic average price is 4048.42 CNY/ton, up 0.63% week-on-week. The international price is 405.95 USD/ton, up 0.74% [39][43] - Cotton: The average price in Xinjiang is 15530.00 CNY/ton, up 0.84% week-on-week [45][49] Feed and Vitamin Prices - The average price of pig feed is 2.64 CNY/kg, with a week-on-week increase of 0.76%. The prices for chicken feed and egg-laying hen feed remain stable [52][54]